§5-1-28. Prerequisites for bond issuance and refunding.
(a) On and after the first day of February, two thousand five,
bonds may not be issued or refunded by the State of West Virginia
or any of its agencies, boards or commissions without the express
written direction of the Governor, if:

(1) The ultimate user of the proceeds of the bonds is the
State of West Virginia or any of its agencies, boards, commissions
or departments; or

(2) The issuance or refunding of the bonds implicates the
state's credit rating.

(b) Prior to any state agency, board or commission
participating in any formal presentation to any nationally
recognized rating agency, with respect to the proposed issuance or
refunding of bonds where the ultimate user of the proceeds of the
bonds is the State of West Virginia or any of its agencies, boards,
commissions or departments, or the issuance or refunding of the
bonds implicates the state's credit rating, the chair or director
of the state agency, board or commission shall provide written
notice to the Governor, the President of the Senate and the Speaker
of the House of Delegates of the date, time and place of the formal
presentation at least ten days in advance.

(c) All bond sale requirements established in this code shall
apply unless contrary to the provisions of this section.